The G&W portfolio gained 2.77% in September, while the benchmark gained 2.67%.
*Returns are pre-tax, include franking credits, and assume dividends are reinvested. The SPAX2F0 is simply the total return of the S&P ASX200 Accumulation Index adjusted to include any franking credits received. N.B. I do not account for cash in the portfolio. The net result is that my returns are somewhat overstated (though I am nearly always close to fully invested).
This month I sold two stocks: Brickell Biotech and OneMarket. I discussed my unpleasant experience with Brickell in last month's report. I sold my holding early in September at the price of 4.34 because a) I'm not confident valuing the business; b) I felt there were other opportunities for me to deploy the capital. I lost about 31% on the position in about 230 days for an annualised return of roughly -50 per cent. It's not an outcome I'm proud of but I did learn some valuable lessons from the experience. I can only hope I avoid making a similar mistake again in future.
I was also able to sell my holding in OneMarket (which was also discussed in last month's report) for 0.97 late in September. At this price, I felt the stock roughly reflected the price of OMN's net assets adjusted for dilution of all RSUs. My experience with OMN has been up and down, but thanks to this positive last transaction, my total return was a modest ~8% on an annualised basis. My thinking on OMN turned out to be pretty accurate, but I could have traded this one a bit better along the way.
I have some money to deploy in coming weeks, so it's likely I'll be adding some new names to the portfolio in October, which is exciting.
August 3, 2017
|
September 30, 2019
|
Since July 1, 2019
|
Since Inception
|
Annualised
| |
G&W Portfolio*
|
1.0000
|
1.4253
|
0.14%
|
42.53%
|
17.84%
|
Benchmark (SPAX2F0)
|
61,250.80
|
81,159.48
|
3.94%
|
32.50%
|
13.92%
|
*Returns are pre-tax, include franking credits, and assume dividends are reinvested. The SPAX2F0 is simply the total return of the S&P ASX200 Accumulation Index adjusted to include any franking credits received. N.B. I do not account for cash in the portfolio. The net result is that my returns are somewhat overstated (though I am nearly always close to fully invested).
This month I sold two stocks: Brickell Biotech and OneMarket. I discussed my unpleasant experience with Brickell in last month's report. I sold my holding early in September at the price of 4.34 because a) I'm not confident valuing the business; b) I felt there were other opportunities for me to deploy the capital. I lost about 31% on the position in about 230 days for an annualised return of roughly -50 per cent. It's not an outcome I'm proud of but I did learn some valuable lessons from the experience. I can only hope I avoid making a similar mistake again in future.
I was also able to sell my holding in OneMarket (which was also discussed in last month's report) for 0.97 late in September. At this price, I felt the stock roughly reflected the price of OMN's net assets adjusted for dilution of all RSUs. My experience with OMN has been up and down, but thanks to this positive last transaction, my total return was a modest ~8% on an annualised basis. My thinking on OMN turned out to be pretty accurate, but I could have traded this one a bit better along the way.
I have some money to deploy in coming weeks, so it's likely I'll be adding some new names to the portfolio in October, which is exciting.
